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Best Practices for Your Risk Mitigation Program

Scarlett Burks Last Updated June 2nd, 2020
Best Practices for Your Risk Mitigation Program

Does the threat of fraud keep you up at night? Then you’re not alone. Across regulated industries—financial services, insurance, and healthcare—fraud is an estimated $400 billion problem annually.

Bring it down from that giant problem to a personal level.  My husband had someone three states away apply for three credit cards in his name.  One co-worker had someone file taxes last year using his identity. Yet another co-worker and his spouse had their identities exposed and used fraudulently after a breach. It happens everywhere, every day, across the board. We all have a vested interest in your business doing all it can to protect our identities.

As criminals become more sophisticated in deceiving your business, now more than ever, organizations need to strengthen the core of their risk mitigation programs.

What sits at the core of the best risk mitigation programs? Resolving customer identity.

Acxiom’s new eBook: Risk Mitigation in a World of Sophisticated Consumer Fraud: Best Practices for Verifying Consumer Identity Within Regulated Industries” will inform and strengthen those responsible for regulatory compliance, privacy and security, fraud protection, risk mitigation and/or risk analytics.

This eBook covers:

  • Key trends and challenges every organization’s risk mitigation program should take into account,
  • Synthetic Fraud 101—the basics you need to know about the world of increasingly sophisticated hackers,
  • Best practices found in the most robust risk mitigation programs,
  • Key questions to ask solution providers as you take next steps, and
  • Recommendations to catapult your organization toward a culture of compliance — a culture in which your customer’s protection comes first and your organization achieves regulatory compliance —a win-win for everyone.

In the Era of the Customer, Organizations Must Mitigate “Friction”

In the Era of the Customer, consumers may decide to take their business elsewhere if they do not see proactive measures on your part to protect their assets. Yet, while you implement new processes for authenticating your customers, it’s important that you think through and mitigate the “level of friction” your customers experience. Remember: you don’t want to create customer dissatisfaction while you are seeking to protect their identities and their personal information. It’s a fine line, a balance that must be carefully planned and executed, and it varies according to industry and your organization’s unique needs.

Ultimately, your organization is putting its name and reputation on the line based on the strength of your risk mitigation program, so make sure it is strong and targeted to the population your organization actually serves. When your customers see proactive investments to protect their assets, you will inspire brand champions, customer loyalty, and ultimately, greater returns on your investment of time and money.

To learn more about risk mitigation, download our new eBook here.

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